5 Ways to Be More Frugal

5 Ways to Be More Frugal

Being frugal and saving money isn’t rocket science; it just takes some planning and budgeting. And maybe even some creativity! If you’re not frugal but would like to be, keep reading!

1. Stop wasting your money.

We all have a budget (hopefully!) but are you spending money on things that you never use? Do you have a gym membership for $80 per month that you never use? Cancel it today. Or do you spend $500 per month on eating out? Start cooking your meals at home today. Do you spend $400 per month on groceries then eat dinner out at restaurants and spend another $100? Stop wasting your money.

2. Focus on your priorities and financial goals.

Are you spending money on things that aren’t even important to you? Consider your priorities and spend money on things that matter instead. Do you have a family and small kids? Then your spending should reflect this. Or are you trying to finish college debt free? Make that a financial goal.

3. Make friends with people who are frugal.

If you wish you were more frugal but don’t know what to do, find some new friends. You don’t have to get rid of your current friends either! You probably have at least one frugal friend who can give you advice on becoming more frugal. Share frugal ideas. Share Groupon deals. Buy groceries in bulk to save money and share the extra items. Have a house party and tell your friends to bring their own appetizers. You might be surprised at how many of your friends are looking for ways to be more frugal too! Your friends might even inspire you to be more frugal.

4.Think about money in terms of long term costs.

Would you still buy something if you had to pay for its yearly costs all at once? Instead of thinking about what you can afford each month and living paycheck to paycheck, consider the long term costs. Do you spend $110 per month on your new iPhone 5S? Okay, maybe that’s in your budget, but would you still spend the money if you had to pay the $1329 upfront? Do you even realize that you’re spending $1320 every year just to have an iPhone? Do you spend $250 per month for your cable TV so you can have 400 different cable TV channels? Would you still pay that much for cable if you had to pay $3000 all at once? I know I would not even consider paying $3000 just to watch TV at home.

5. Don’t wait until the last minute–plan ahead.

If you wait until the last minute, it will almost always costs you more money. Planning ahead is one of the easiest way to be more frugal. Plan ahead and make your lunch at home for the next day. Plan ahead and go to the grocery store with coupons. And don’t wait until the last minute for birthdays or holidays either. Waiting to buy a Halloween costume until October 30th will certainly cost more money than buying a costume online today. Waiting to go shopping for Christmas gifts on December 24th will certainly cost more money (and more stress!) than if you go shopping on Black Friday.

Being frugal does not mean that you can never spend money; it just means that you spend your money wisely instead of blindly.

Try these 5 ways to be more frugal and you might be surprised by how much money you save each month!